California Organized Investment Network (COIN) Is a Collaborative Effort Between the California Department of Insurance, the Insurance Industry, Community Affordable Housing and Economic Development Organizations, and Community Advocates.

The Investigation Division investigates suspected fraud committed by insurance agents, brokers, public adjusters, bail agents, insurance companies and other individuals and entities transacting the business of insurance who perpetrate fraud against consumers.

Insurance Commissioner Dave Jones today announced a 9.3 percent rate reduction in homeowners insurance by the AAA Northern California, Nevada & Utah Insurance Exchange. This reduction comes as a result of an agreement between the California Department of Insurance (CDI) and the insurance company. Locally, the rate reduction will impact approximately 150,000 policyholders in the Bay Area and 102,000 in Sacramento.

"This rate reduction will provide much-needed financial relief for homeowners and will no doubt help consumers keep more of their hard earned dollars in today's tight economy," Commissioner Jones said. "Our priority at the Department is to fight for consumers to make sure homeowner insurance rates are fair and company profits are not excessive, and I feel strongly that the rate reduction has achieved this."

The overall rate reduction, impacting 423,000 policyholders, translates to roughly $40 million in savings for consumers. The rate reduction is effective December 1, 2012. Policyholders will begin receiving policy renewal packets 60 days prior to the renewal starting on October 1, 2012. This is the most recent homeowner rate reduction by an insurer in California. Prior to this reduction, the insurer reduced its homeowner rates by 10.5 percent in 2008.

"I would like to thank AAA Northern California, Nevada & Utah Insurance Exchange for their cooperation in coming to an agreement that will benefit thousands of California homeowners," Jones added.

Since being sworn into office, Commissioner Jones has led CDI in reducing the overall amount of requested insurer rate increases by $69 million and approved over $482 million in rate reductions, totaling over $551 million in savings to California consumers and businesses. This total includes approximately $132 million in rate reductions for personal auto coverage.

The California Department of Insurance, established in 1868, is the largest consumer protection agency in California. Insurers collect $288 billion in premiums annually in California. In 2015 the California Department of Insurance received more than 155,000 calls from consumers and helped recover over $84 million in claims and premiums. Please visit the Department of Insurance web site at www.insurance.ca.gov. Non-media inquiries should be directed to the Consumer Hotline at 800.927.HELP or 213.897.8921. Telecommunications Devices for the Deaf (TDD), please dial 800.482.4833.